CBN Governor promises Nigeria’s inflation rate will drop in 2024
The CBN Governor, Yemi Cardoso, says Nigeria’s inflationary pressure will drop from 28.92 per cent to 21.4 per cent in 2024. Speaking during his addressed to the House of Representatives, Cardoso said the projected decline in the country’s inflationary is due to inflation-targeting policies of the Federal Government, and improvement in agricultural productivity as well […]
CBN clears air on currency conversion
The Central Bank of Nigeria (CBN) has clarified that there is no plan to convert $30bn domiciliary deposits to naira. Some media reports emerged at the weekend announcing that the Federal Government and the apex banks were considering the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilise Nigeria’s currency, which […]
Senate summons CBN Gov on state of economy, Summons Security chiefs, for Stop to Kidnappings, Banditry
The Senate, through its committee on Banking, Insurance and other Financial Institutions has summoned the Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso to appear before it. Chairman of the Committee, Sen. Adetokunbo Abiru made this known while speaking to journalists on Wednesday in Abuja, after a closed-door session, said the CBN Governor is […]
CBN releases US$500 million to various industries to further alleviate the backlog of confirmed foreign exchange transactions
The Acting Director of the Corporate Communications Department at the CBN, Mrs. Hakama Sidi Ali, stated this in Abuja on Monday, noting that the management of the CBN was committed to settling all legitimate foreign exchange backlogs within a short time frame. Reiterating the assurances of the Governor, Mr. Olayemi Cardoso, Sidi Ali said the […]
CBN to hold its first MPC under the new Governor on February 26
The Central Bank of Nigeria CBN, says its Monetary Policy Committee MPC will hold its first meeting under the tenure of Mr Olayemi Cardoso as Governor, on Monday February 26 and Tuesday February 27, 2024. The announcement follows a two-day strategic session for MPC members ahead of the meeting. A calendar of MPC meetings for […]
Court Grants former CBN governor Godwin Emefiele Permission to Travel Out of Abuja
The Federal Capital Territory High Court has granted the immediate past Governor of the Central Bank, Godwin Emefiele’s request to travel out of the Abuja. Justice Hamza Muazu who handed the ruling however said Emefiele must however remain in the country. The Counsel to the Economic and Financial Crime Commission (EFCC), Rotimi Oyedepo, SAN, did […]
CBN sacks boards of Union Bank, Keystone Bank, and Polaris Bank over breaches of Institutions Act
The Central Bank of Nigeria (CBN) has sacked the boards of Union Bank, Polaris Bankand Keystone Bank. The apex bank in a statement signed by its Acting Director of Corporate Communications, Sidi Hakama, said “this action became necessary due to the non-compliance of these banks and their respective boards with some sections of the Banks […]
CBN disburses $61m to foreign airlines to settle mature foreign exchange backlog
The Central Bank of Nigeria (CBN), says it has disbursed 61.64 million dollars to foreign airlines through various Deposit Money Banks (DMBs). According to a statement issued by its Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali in Abuja on Sunday, the disbursement is in fulfilment of CBN’s commitment to eliminate the backlog of pending matured […]
CBN discloses new guidelines for cash withdrawals
The Central of Nigeria has disclosed that Cash withdrawals will not be possible from accounts opened for virtual and digital assets transactions. It revealed this in a new ‘Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers.’ According to the bank, Withdrawals from these accounts will only be possible by transfer or through […]